Game developer Nexters debuts on Nasdaq with help of Kismet

A view of the outside of the Nasdaq market web site within the Manhattan borough of New York Metropolis, U.S., October 24, 2016. REUTERS/Shannon Stapleton//File Picture

MOSCOW, Aug 27 (Reuters) – Online game developer Nexters and a Russian particular objective acquisition firm (SPAC) Kismet (KSMT.O) have accomplished their enterprise mixture to start out buying and selling Nexters Inc. shares on the U.S. Nasdaq on Friday, the 2 firms mentioned.

The deal, Kismet mentioned, is the primary cooperation of its type, involving an organization from Russia and a Russian SPAC to record shares in the USA.

It follows one other one by an organization with Russian roots. In March, British electrical vehicle startup Arrival, based by Russia’s former deputy minister of communications, debuted on Nasdaq with the assistance of U.S. automobile CIIG Merger Corp. read more

Nexters, a worldwide firm with Russian co-founders, entered into an settlement with Russian SPAC Kismet Acquisition One Corp in early 2021 and secured funds to proceed with the Nasdaq itemizing in July.

Nexters’ Inc. strange shares and warrants shall be traded on Nasdaq underneath the tickers GDEV and GDEVW, respectively, the corporate mentioned in an announcement.

The transaction will ship round $132 million in money to Nexters and its shareholders, comprising funds from the Kismet belief account, Kismet Sponsor Restricted, and PIPE traders Mubadala Funding Firm and VPE Capital.

One in every of Europe’s prime 5 unbiased sport builders, Nexters plans to spend the raised funds on growing new merchandise and to spice up its place within the gaming area.

It was based in Russia in 2010 however is headquartered in Cyprus. In widespread with different gaming companies, its gross sales have risen in the course of the pandemic. Within the first quarter, the developer of fashionable video games Hero Wars and Throne Rush recorded a 48% year-on-year income enhance.

In July, Nexters mentioned funding price $50 million from Kismet, alongside $50 million from the Abu Dhabi sovereign wealth fund Mubadala Funding Co and VPE Capital, took the corporate to the $100 million minimal requirement for the Nasdaq itemizing. read more

Kismet, created by Ivan Tavrin, the previous CEO of Russian telecoms agency Megafon, staged an preliminary public providing on the Nasdaq in August 2020, elevating $250 million to spend money on telecoms, know-how, client items and companies.

Reporting by Andrey Ostroukh; enhancing by Barbara Lewis

Our Requirements: The Thomson Reuters Trust Principles.

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